@Gino BarbaroI agree, I also believe that in some cases as a new member I feel everyone starts out in the "I 'ma mentality or even in the  I'm gonna  mentality" Example: I'm gonna start a Real Estate BusinessI'm gonna flip 2 dozen housesI'm a Real Estate InvestorThey later realize that they have to work with others and connect with others to break out of the shell that they have created.

Also, the inspector recommended that an existing beam above the driveway be re-enforced. 

I'd have to look further into the materials used in '48 for plumbing and I would assume the electrical would need to be re-wired.  

Also, adjust your tax expense as the property will more than likely be re-assesed to the sale price causing that expense to increase.Remember:  pay for what the property is worth (or less if possible); do not pay for an anticipated improvement that has not yet been made.  

Therefore, websites such as Zillow, Trulia, Realtor, etc are not accurate and should not be relied on.

No, I'm not a member. I

You need to go to the city zoning office for an explanation and/or check to see if the property can be re-zoned. 

As a new member, I want to develop enough basic knowledge to know and understand real estate investing better, so I can to begin to become an active investor.

Having said that, there are a number of Private Letter Rulings where they did allow the taxpayer to do that, but it gets much more complicated and there will be risks because all we have is Private Letter Rulings, which can not be relied upon by other taxpayers.

We do not have the funds to put a substantial down payment down, however, the family member is willing to sell the property to us at roughly 50% of the market value.